Beale Management has a noncontributory, defined benefit pension plan. On December $31,2024($the end of Beale's fiscal year$),$ the following pension$-$related data were available:

Projected Benefit Obligation $($$ in millions$)$

Balance, January $1,2024$ $ $480$

Service cost $82$

Interest cost, discount rate, $5\%24$

Gain due to changes in actuarial assumptions in $2024(10)$

Pension benefits paid $(40)$

Balance, December $31,2024$ $ $536$

Plan Assets $($$ in millions$)$

Balance, January $1,2024$ $ $500$

Actual return on plan assets $40$

$($Expected return on plan assets, $$45)$

Cash contributions $70$

Pension benefits paid $(40)$

Balance, December $31,2024$ $ $570$

January $1,2024,$ balances: $($$ in millions$)$

Pension asset $ $20$

Prior service cost$$AOCI $($amortization $$8$ per year$)48$

Net gain$$AOCI $($any amortization over $15$ years$)80$

Required:

$1.$ to $3.$ Prepare the journal entries required for the pension during $2024.$

$4.$ Determine the balances at December $31,2024,$ in the net gain$$AOCI$,$ and prior service cost$$AOCI$.[$Hint: You might find T$-$accounts useful.$]$

$5.$ What amount will Beale report in its $2024$ balance sheet as a net pension asset or net pension liability for the funded status of the plan?